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Your results are here!! for" SARFAESI Act "
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Question 1 of 10
1. Question
What is the full form of the SARFAESI Act?
Correct
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act.
Incorrect
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act.
Unattempted
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act.
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Question 2 of 10
2. Question
Which authority has the power to register and regulate Asset Reconstruction Companies (ARCs) under the SARFAESI Act?
Correct
The Reserve Bank of India (RBI) has the authority to register and regulate ARCs under the SARFAESI Act.
Incorrect
The Reserve Bank of India (RBI) has the authority to register and regulate ARCs under the SARFAESI Act.
Unattempted
The Reserve Bank of India (RBI) has the authority to register and regulate ARCs under the SARFAESI Act.
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Question 3 of 10
3. Question
Under which section of the SARFAESI Act do secured creditors have the right to enforce security interests upon loan default?
Correct
Secured creditors enforce security interests under Section 13 of the SARFAESI Act.
Incorrect
Secured creditors enforce security interests under Section 13 of the SARFAESI Act.
Unattempted
Secured creditors enforce security interests under Section 13 of the SARFAESI Act.
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Question 4 of 10
4. Question
For a secured creditor to initiate action under the SARFAESI Act, the borrower‘s account must be classified as what?
Correct
The borrower‘s account must be classified as a Non-Performing Asset (NPA).
Incorrect
The borrower‘s account must be classified as a Non-Performing Asset (NPA).
Unattempted
The borrower‘s account must be classified as a Non-Performing Asset (NPA).
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Question 5 of 10
5. Question
The SARFAESI Act does not apply to which specific type of loan?
Correct
The law does not apply to Unsecured loans.
Incorrect
The law does not apply to Unsecured loans.
Unattempted
The law does not apply to Unsecured loans.
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Question 6 of 10
6. Question
What is the minimum loan amount below which the SARFAESI Act does not apply?
Correct
The law does not apply to loans below ₹100,000.
Incorrect
The law does not apply to loans below ₹100,000.
Unattempted
The law does not apply to loans below ₹100,000.
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Question 7 of 10
7. Question
The SARFAESI Act is exempted in cases where the remaining debt is less than what percentage of the original principal?
Correct
The law is exempt where the remaining debt is less than 20% of the original principal.
Incorrect
The law is exempt where the remaining debt is less than 20% of the original principal.
Unattempted
The law is exempt where the remaining debt is less than 20% of the original principal.
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Question 8 of 10
8. Question
Which was the first Asset Reconstruction Company (ARC) established in India under the SARFAESI Act?
Correct
The first ARC in India, established under this act, was ARCIL.
Incorrect
The first ARC in India, established under this act, was ARCIL.
Unattempted
The first ARC in India, established under this act, was ARCIL.
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Question 9 of 10
9. Question
The Supreme Court upheld the constitutionality of the SARFAESI Act in which landmark case?
Correct
The constitutionality was upheld in the case of Mardia Chemicals Ltd. v. ICICI Bank.
Incorrect
The constitutionality was upheld in the case of Mardia Chemicals Ltd. v. ICICI Bank.
Unattempted
The constitutionality was upheld in the case of Mardia Chemicals Ltd. v. ICICI Bank.
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Question 10 of 10
10. Question
What legal forum can borrowers appeal to against the lender‘s action under the SARFAESI Act?
Correct
Borrowers can appeal to the Debt Recovery Tribunal (DRT) against the lender.
Incorrect
Borrowers can appeal to the Debt Recovery Tribunal (DRT) against the lender.
Unattempted
Borrowers can appeal to the Debt Recovery Tribunal (DRT) against the lender.